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The U.S. offshore wind industry, banking on a big assist from the Inflation Reduction Act, has found itself face-to-face with a hurdle that's been right there in the name all along: inflation.
The U.S. offshore wind industry, banking on a big boost from the landmark Inflation Reduction Act, has found itself face-to-face with a major hurdle that’s been right there in the
Inflation Reduction Act may be playing negative role.
More than 10 gigawatts of offshore wind projects along the U.S. East Coast - the equivalent of roughly 10 nuclear power reactors - are at serious risk as soaring inflation is forcing developers to re-crunch the numbers for proposals originally modeled years ago, before a run-up in interest rates and material costs.
While the Inflation Reduction Act provides at least $370 billion in grants, tax credits and other incentives for climate and clean energy projects, that's proving no match for rising inflation and borrowing costs.